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Corn, wheat remain higher

12/19/2013 @ 8:52am

DES MOINES, Iowa (Agriculture.com)--Stronger-than-expected demand is keeping corn and wheat markets propped up Thursday.

At mid-session, the Dec. corn futures contract is trading 4 cents higher at $4.29. The March soybean futures contract is trading 1 1/2 cents lower at $13.12. March wheat futures are 4 1/4 cents higher at $6.17 per bushel. The March soymeal futures contract is trading $1.20 per short ton lower at $426.50. The March soyoil futures are trading $0.05 higher at $39.43.

In the outside markets, the NYMEX Brent crude oil is $0.87 per barrel higher, the dollar is higher and the Dow Jones Industrials are 3 points higher.

On Thursday, the USDA released its Weekly Export Sales Report. For corn, sales totaled 872,300 metric tons vs. the trade's expectations of 450,000 to 750,000 metric tons.

Soybean sales were recorded at 495,700 metric tons  vs. the trade's expectations of 700,000 to 1,000,000 metric tons.

USDA reported wheat sales at 659,100 metric tons vs. the trade's expectations of 300,000 to 500,000 metric tons.

In addition, USDA reported fresh corn exports to an unknown buyer and South Korea totaling 257,536 metric tons.

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